Common use of Banking Overtime Clause in Contracts

Banking Overtime. During negotiations the parties discussed allowing represented salaried employees an informal arrangement to bank overtime hours worked in lieu of receiving pay. The intent of this arrangement was to allow an employee to bank the premium overtime hours at the appropriate rate and receive comparable hours off with the approval of Management. As a result, a local Banking Overtime arrangement was developed and implemented in many areas through the Office, Clerical and Engineering unit. During these present negotiations, it was agreed to confirm or clarify certain understandings with regard to the Banking Overtime arrangement as follows:

Banking Overtime. During negotiations the parties discussed allowing represented salaried employees an informal arrangement to bank overtime hours worked in lieu of receiving pay. The intent of this arrangement was to allow an employee to bank the premium overtime hours at the appropriate rate and receive comparable hours off with the approval of Management. As a result, a local Banking Overtime arrangement was developed and implemented in many areas through the Office, Clerical and Engineering unit. During these present negotiations, it was agreed to confirm or clarify certain understandings with regard to the Banking Overtime arrangement as follows:: 95